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The closing balance sheet items are given below for Huwei Pty Ltd as at 30 June 2018: Cash at bank $51,100 Accounts receivable $2,000 Accounts

The closing balance sheet items are given below for Huwei Pty Ltd as at 30 June 2018:

Cash at bank

$51,100

Accounts receivable

$2,000

Accounts payable

$3,900

Capital

38,000

Service fees

$126,500

Office equipment

$3,500

Wages

$10,000

Electricity

$600

Advertising

$1,200

Retained earning

$30,000

Loan balance (for another 5 years)

$50,000

The company decided to distribute $180,000 as dividends at the end of July 2018

Required:

  1. Prepare an income statement for Huwei Pty Ltd for the month ended 31 July 2018
  2. Prepare a balance sheet for Huwei Pty Ltd as at 31 July 2018

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